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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3064-0168
ICR Reference No:
201009-3064-001
Status:
Historical Inactive
Previous ICR Reference No:
200902-3064-001
Agency/Subagency:
FDIC
Agency Tracking No:
Title:
Disclosure of Deposit Status
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
11/23/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/30/2010
Terms of Clearance:
OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Resubmit when proposed rule is finalized.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2012
36 Months From Approved
04/30/2012
Responses
1,970
0
1,970
Time Burden (Hours)
84,710
0
84,710
Cost Burden (Dollars)
0
0
0
Abstract:
FDIC regulations require institutions, with regard to sweep account contracts and account statements reflecting sweep account balances, to prominently disclose whether swept funds are deposits within the meaning of 12 U.S.C. 1813(l). If the funds are not deposits, the institution must further disclose the status such funds would have if the institution failed--for example, general creditor status or secured creditor status. In addition, the FDIC is currently proposing, as the result of new unlimited temporary depository insurance coverage for qualifying noninterest-bearing transaction accounts pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement new requirements that institutions disclose to depositors the deposit insurance status of funds held in such accounts as well as the change in coverage for funds held in NOW accounts and IOLTAs.
Authorizing Statute(s):
US Code:
12 USC 1821(d)(1), (10)(C), (11)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1821(e)(1), (8)(D)(i)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1823(c)(4), (e)(2)
Name of Law: Federal Deposit Insurance Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 343 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3064-AD26
Proposed rulemaking
75 FR 60341
09/30/2010
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Disclosure of Action Affecting Deposit Insurance Coverage
NOW/IOLTA Disclosures
SWEEP Accounts: Disclosure of Deposit Status
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the FDIC Act to provide full deposit insurance coverage (beyond the SMDIA), from December 21, 2010, through December 31, 2012, for the net amount held in in qualifying noninterest-bearing transaction accounts in all insured depository institutions. The program change of +112,632 hours is the result of proposed new disclosure requirements to ensure that depositors are aware of what types of accounts will be covered by the new temporary deposit insurance coverage.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
Yes
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Leneta Gregorie 202 898-3719 lgregorie@fdic.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
09/30/2010
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